A butterfly centered around 240, 15 wide would be ideal as strong support is at 224 for VWAP and 230 for .681 fib. Hull is still up and green and symmetry say higher. OKTA 230 closed, gap higher to 240?
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OKTA has been trading in a channel of 220 to 260 ish. An iron condor or butterfly of 220/240/260 would be risk-reward attractive for premium decay play, as major catalysts like earnings are out of the way and the market is likely to be sideways for the foreseeable future after a tremendous run from early Nov.
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Beautiful uptrend above 50/100. 1st Box move is 60 points and 2nd is 50 points post-earnings, so far. Resistance at 251 and support at 227.
A minor retracement is likely given the time symmetry (both 29 bars).
Considering an Ironcondo of 250/260/240/230 for Jan 15.
A minor retracement is likely given the time symmetry (both 29 bars).
Considering an Ironcondo of 250/260/240/230 for Jan 15.